Minn. Stat. § 550.366

Current through Register Vol. 49, No. 8, August 19, 2024

Section 550.366 - JUDGMENTS ON DEBTS RELATED TO AGRICULTURAL PROPERTY

Subdivision 1.Definitions.

For purposes of this section, the following terms have the meanings given:

(1) "Agricultural property" means personal property that is used in a farm operation.

(2) "Farm debtor" means a person who has incurred debt while in the operation of a family farm, a family farm corporation, or an authorized farm corporation as defined in section 500.24, subdivision 2.

Subd. 2.Limits on execution.

A judgment for the unpaid balance of a debt on agricultural property owed by a farm debtor may not be executed upon real or personal property after three years from the date the judgment was entered.

Subd. 3.Attachment to newly acquired property.

A judgment for the unpaid balance of a debt on agricultural property owed by a farm debtor does not attach to real or personal property that is acquired by the farm debtor after the judgment is entered.

Minn. Stat. § 550.366

1987 c 292 s 1